Page 2 - Magnet Employee Benefits Brochure 2021-22 FINAL

2021–2022 Employee Benefits Brochure

2021-2022 Employee Benefits

Your benefits are an important part of your overall compensation. Magnet LLC is pleased to offer a
comprehensive array of quality benefits to protect your health, your family and your way of life. This
brochure was designed to answer some of the basic questions you may have about your benefits. Please
read it carefully along with any supplemental materials you receive.

Annual Open Enrollment
Each year the company holds its employee benefits open enrollment period, where you have the option
to make changes to your current elections for the following year. You can change plans, keep them the
same, and add or delete eligible dependents at this time. Your benefits are effective July 1.

New Hires
For new, full-time hires, coverage is effective first of the month following 60 days from your date of hire.
Failure to elect benefits within this time frame means you will not be able to enroll in benefits until the
next annual open enrollment period or after you have a qualifying event (as outlined below).

Eligibility
You are eligible for benefits if you are regularly scheduled to work 30 or more hours per week. You may
also enroll your eligible family members under certain plans you choose for yourself.

Eligible family members include:
▪ Your legally married spouse
▪ Your children who are your natural children, stepchildren, adopted children, or children for whom you
have legal custody (age restrictions may apply). Disabled children age 26 or older who meet certain
criteria may continue on your health coverage.

Can you make benefit changes during the year?
Due to IRS regulations, you cannot change your elections until the next annual Open Enrollment period, unless
you have a Qualifying Event during the year. Examples of the most common Qualifying Events are:
▪ Marriage or divorce
▪ Birth or adoption of a child
▪ Child reaching age 26
▪ Death of a child
▪ Change in child custody
▪ Change in coverage made by your spouse during their employer’s Open Enrollment period
▪ You lose coverage under your spouse’s plan

Changes can only be made if you experience a qualifying event. You must contact Human Resources
within 30 days of the qualifying event.

PLEASE NOTE: This booklet provides a summary of the benefits available, but is not your Summary Plan Description (SPD). The
Company reserves the right to modify, amend, suspend, or terminate any plan at any time, and for any reason without prior
notification. The plans described in this book are governed by insurance contracts and plan documents, which are available for
examination upon request. We have attempted to make the explanations of the plans in this booklet as accurate as possible.
However, should there be a discrepancy between this booklet and the provisions of the insurance contracts or plan documents,
the provisions of the insurance contracts or plan documents will govern. In addition, you should not rely on any oral
descriptions of these plans, since the written descriptions in the insurance contracts or plan documents will always govern.